Australia Real Estate Rules And Regulations – An Insight

9-1532695-agentxinsight_stamp_fct925x569x51_t620If you are one of those persons who wishes to invest in properties in Australia, then it is high time you had a closer look at the various changes to the real estate market. This is because there have been some big changes to the rules and regulations covering buying and selling of properties especially when it comes to foreigners. That’s key reason why role of the certified property valuation company in Sydney is so big in coming years too.

As per the rules that were prevailing before these amendments, backing from a contract to buy or sell a property once it has been entered into would be quite difficult and virtually impossible in most of the cases. However, the recent amendments to the rules now allow for what is termed as a “cooling off period”. As per the amendment that is now in force, the buyer has three days during which time he or she could inform their decision to rescind from the contract irrespective of what has been entered into the agreement between the buyers and the sellers. While this augurs well for buyers, many sellers have been left fuming by this new law. Nonetheless when one looks at it from a fair business practices point of view, this change is very much in line with good business procedures and methods.

However, it should also be borne in mind that there are some exceptions to this rule which the buyers should also be aware of. A few such exceptions are given below:

• These changes to the law will not be applicable in case of auctioned properties that have been bought either three days before or three days after the date in which such auction advertisements have been published.

• If the same buyers and sellers have entered into a similar contract under similar circumstances, then too, the changes to the laws will not be binding on the sellers.

• These changes are only applicable for those properties that have been purchased for residential purposes. In case they are for industrial and commercial use, the law will not apply to both the stake holders.<

• If a buyer happens to be a corporate body or real estate agent then he is not entitled to such “cooling off” period.

• Those who are buying such properties mainly with the objective of farming or if the size of the property in question exceeds 20 hectares, then the changes to the property rules will not apply.

However there is a small penalty that is payable by the purchaser if he or she decides to exercise this cooling off option. This is equivalent to 0.2% of the agreed purchase price or $100 whichever is higher. This amount is either payable by the buyer to the seller or if the seller has received any advance payment, then the seller is within his

Hence, as a customer and also as a seller, being aware of these recent changes to property rules and regulations is very important.

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Understanding The Role Of Real Estate Lawyers And Valuers

Melbourne valuation companyAs most of us would be aware, buying or selling a real estate property is indeed a tough and difficult job. There a number of legal, statutory, and other processes that needs to be gone though. As ordinary persons it may not be possible for us to understand the details of each and every process thoroughly. Missing out on even a small process could cause problems and could jeopardize the entire deal. Hence there is the need to hire the services of real estate attorneys and valuers in melbourne for various reasons.

First and foremost, getting a good fix on the legal status of the property is very important. The buyer would like to be doubly sure that the present ownership of the property is established beyond doubt. This would call for performing some important due diligence processes and the role of a good real estate attorney or lawyer is very crucial. In the same light, the role of property valuer also needs to be understood so that his role can also be seen in the right perspective.

When a buyer decides to buy a real estate property, he or she would like to know whether the right price is being paid for the property. This could be found out in more ways than one. The prospective buyers could get in touch with the market and have a reasonably rough idea about the value of the property in question. However, this is at best an indicative rate and the buyer will not certainly put in his money based on this information alone. He would like to get in confirmed from a knowledgeable and informed source. There can be none more qualified than a professional and experienced valuer who could give an authentic figure about the fair value of the property in question.

Apart from the objective information regarding the value of the property when you hire a valuer you also get a lot of useful information that is subjective in nature. This is something that is really of value to the buyer and helps him to make up his mind to buy or not buy the property in question.

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Important Rules Pertaining To Australian Real Estate Buying And Selling

good property valuation company AdelaideAustralia is one of the few countries that has been able to come out of the financial crisis that had swept across the world. Today, it is a market which holds out a lot of promise for those foreigners who believe in staying invested for the long term. However, before investing in the Australian real estate market, you should have thorough knowledge about the rules governing such investment by foreigners. First and foremost each and every property that you are planning to buy in this country as a foreigner should be approved by the separate committee that is set up for this purpose. Only when they approve the transaction would you be able to move ahead and draw up contracts and other documents by the professional property valuers in Adelaide.

In the same light when you wish to sell off properties in Australia as a foreigner here too you are guided by some cooling off period which you should adhere to. The period as of now is 6 months but is subject to change from time to time. Hence, when buying or selling properties in this country you should be sure that you are on the right side of the law. Any ignorance of law will not be tolerated and you may end up paying big fines.

If you are keen on investing in real estate in this country, the first starting point is to take the services of good lawyers and of course good property valuers. As a foreigners you have to depend on the valuers to get an idea about the fair market value of the property that you are planning to buy. You may not be right to go by the market figures alone which could be way off the actual value. There is a high chance of real estate cartels fixing the price and pushing it high especially when foreign buyers are involved.

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How Important It Is To Know About The Local Real Estate Laws

Real Estate LawAs per the current rules and regulations that cover buying and selling of properties by foreigners there is clear mention that the same has to be approved by the government. Hence, it is incumbent upon the buyer to be aware of these rules which may not be always possible. So, the best way forward would be to take the services of a few qualified and experienced professional to take the matter forward.

As a starting point, it would be ideal to identify a good real estate attorney or lawyer who has a good knowledge about the rules governing property buying and selling in Australia especially if the buyer or seller is a foreigner. These professionals will certainly help you to get into such deals confidently without fearing breaking of the local laws which could invite stiff fines.

It is also very important for foreigners to identify good property valuers Brisbane too. They will play a big role in helping to see that that the entire transaction is done smoothly without any hiccup. They will also be very helpful in giving a lot of useful and relevant subjective information which could be of great benefit to foreigners who may not have a good knowledge about the topography and geography of such properties. They will specially lay emphasis on the quality of the neighbourhood and other such important factors which otherwise may not have been available for these foreigners. Therefore, not only knowing the rules but also living by it is very important when buying real estate in Australia. For more information, please visit:

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Understanding The Various Real Estate Valuation Rules And Regulations

5138079732_f7dd017c4b_zThe rules regarding real estate buying, selling and ownership transfers keep changing quite frequently. Even a small change in a small sub-para could have a reasonably big affect as far as the various stakeholders are concerned. For example there could be changes in the way property should be valued, the methods of calculations could also be redefined. In such situations the onus is on the valuers to keep themselves updated and informed accordingly.

There are many ways and means by which real estate valuers in Perth City can get the latest information on such changes to rules and laws. Each and every such change gets updated in the revenue department’s website immediately. This is perhaps the best way by which real estate valuers can keep themselves abreast about the happenings in this field. There are also a number of magazines and publications both from the revenue department and private publishers which could also be a big source of information as far as changes to land and real estate law are concerned.

Though it is quite unlikely that each and every change in real estate rules and laws will impact the valuer, it would not be a bad idea for them to keep updated about such changes too. This is because such changes could have an indirect positive or negative impact on their businesses. Being informed of such changes will prevent them from being caught off-guard or caught napping.

Hence, a good real estate valuer is the one who can offer extra services to his customers. This will be possible only when he or she is able to have the full knowledge and information regarding the latest happenings and changes in the real estate market.

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Is It Possible To Do Property Conveyancing All By Yourself

There is no doubt that certain things are best done by the persons who are good and experienced at it. The same is the case with property conveyancing. Whenever a property is bought and sold there are a number of formalities that have to be gone through. Property conveyancing is one such bunch of formalities that is considered very important and quite often there are suggestions that talk about getting the job done by the customers themselves. It is possible or is it just lip service? If one goes by the various instances of customers trying to do property settlements on their own, it has been found that in most of the cases things have gone awfully wrong and in some instances the entire transactions have fallen through. Hence, it would always be better to take professional help. Here are a few obvious reasons why it makes sense to take professional help instead of trying to fix it yourselves.

First and foremost we have to bear in mind the property conveyancing is a very complex subject matter and there are a number of legal implications in it. Hence, even if you are customer with some legal background and knowledge you would always be better advised to take professional help to get the job done. Further you have to bear in mind that there are very strict and at times demanding time lines who which need to be met. This would be practically impossible for a new customers to meet however qualified he might be on the subject matter.

Further it has to be borne in mind that there are a number of professionals whose roles are extremely crucial as far as property settlement is concerned. Hence as a customer you might be good in the legal areas of property buying and selling but there are other areas too where you should have the right kind of experience and expertise. For example, you have to understand the important role of property valuers and appraisers. This is a completely different job and usually lawyers do not have much idea about it. Further there is also the need to draw up lengthy legal and other agreements and fill up important bank related and compliance related papers too. Here the role of property documentation experts is very important because it will be practically impossible for even the best minds to comprehend and understand them.

Given the above facts, it always makes better sense to go in for a professional property conveyancer instead trying some unpredictable do-it-yourself methods which could prove very costly.

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Property Valuation And Its Finer Nuances

property-valuation-mythsThere is no denying the fact that when it comes to buying or selling or properties, there are a few clear objectives in mind. The buyers would like to be sure that they buy it at the lowest possible price while sellers would like to ensure that they get the best price out of such a sale. However, when it comes to arriving at the negotiating table both of them have different ideas about the prices that they expect from the deal. Hence there is a need to have some professional who could help in arriving at a fair and objective value of the property that is in line with the market. This is what exactly the role is of property valuers. It will go a long way in removing subjectivity as far as the value of the property is concerned and the entire process can be completed with commonality of purpose.

At the end of the day one has to bear in mind that a property is worth the price that it is able to generate. There are many factors that have a role to play in finding out the fair market value of the property. For example the location of the property, the size, the age of the property (buildings and apartments) are a few examples that could play a big role in helping us to have a better understanding about the value of the property in question.

Since as ordinary customers it would be impossible for us to arrive at the fair market value of the property on our own we have to take the help and assistance of professional property valuers. Their main role is to value the property after taking into account various factors and considering various inputs. Further they use their own skills, experience and put in place various time tested tools and techniques to come out with what they consider as the right valuation.

Though there cannot be a guarantee that this valuation will be near accurate, there are high probabilities that it will not be too far away from the market realities. Further there are many other pieces of information that are of extreme use to the buyers in particular. A quality valuers report will talk about the infrastructure development in the area, the quality of amenities and facilities that are available in the area and other such information. Hence, at the end of the day there is no doubt that valuation of property is an extremely important area of property buying and selling.

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Get Rid Of These Common Property Valuation Myths

img02While the importance of property valuation is there for all to see there are some common myths about this subject matter. Many customers often end up on the wrong side of their decision making because of such wrong information. There are others who stay away from valuation because they are not adequately informed. There are another group of people who think that spending money on property valuation is a waste when it can be done by the customers themselves. Let us try and have a look at some of these myths. However, before moving forward we will have a look at some main reasons why property valuation is a must.

Whenever a property is bought or sold there are quite a few things that must be put in order. There are many legal and statutory requirements that must be met. Valuation is one such requirement. Valuation is nothing but ensuring that both the buyers and sellers have clear and correct information about the fair market value of the property in question. The market at best can show an indicative pricing and there is no legal sanctity attached the market rates. Hence, a valuation report becomes a must for all purposes which eventually lead to transfer of ownership from one person to another.

Now coming to some common myths, there are quite a few of them. The most common myth is that valuation is an easy subject and the customers can do it themselves. This is totally wrong and only those who have got into property valuation would be in a position to understand this. There are many rules that have to be followed and many inputs that have to be taken into account. The methods of valuation are also not uniform and would vary from property to property.

Another common myth amongst many customers is that property ownership can happen without valuation. This again is totally wrong. Whenever a property is sold, there is a need for the new owner to pay property taxes. The rates of property taxes are mostly based on the valuation figures submitted by property valuers. In the same way, whenever there is a need to pay stamp duty, it is the valuers’ reports that are taken as bench marks.

Last but not the least another common myth that needs to be busted is that valuation always move northwards. This is wrong because valuation is directly related to market value and hence it can also move southwards on many occasions.

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The Role Of Various Professionals In Real Estate Buying And Selling

01buyandsellhomeBuying and selling of real estate properties may be an easy decision to take. However, when it comes to implementing it on the ground it is quite difficult to say the least. Unlike buying and selling or other movable and immovable properties there are a number of other formalities, procedures and steps that should be followed. Hence, for many buying and selling of real estate properties is a headache to say the least. Therefore in most of the cases there is the need to take professional help to get the whole job done. There are a number of professionals whose help would be needed before the ownership of the property gets transferred from one to another. While touching base with some important professionals we will try and have a closer look at the importance of property valuers and fid out why their role is so important.

Apart real estate agents who play a big role in identifying buyers and sellers, the roles of property lawyers and attorneys is very important. Their role is to ensure that the legal aspects of the property are taken care of properly. They examine the property and other legal documents in great detail and see that the property is free from problems such as easements, covenants and other such encumbrances. Further they also look at the previous owners of the property and ensure that the ownership transfers have taken place correctly and there is no break in between. Last but not the least, many lawyers also have a physical look at the property and compare the same with the property documents.

The role of property valuers and appraiser also needs to be understood in some detail. The main job of these professionals is to find out the fair market value of the property taking into account various parameters and inputs. The value as determined by the value has a legal sanction to it. Therefore the valuers’ report is often considered the main document when it comes to fixing property taxes and stamp duty valuations. Further, valuers also come up with some other subjective information that is of good use to buyers in particular. The information basically delves on the quality of infrastructure in the area and also the availability or absence of various amenities and facilities. Therefore at the end of the day there is hardly any doubt that taking the help of professionals is very important when there is a need to transfer ownerships of properties.

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Deciphering The Role Of Property Valuers And Appraisers

property-valuationWhen buying or selling a real estate property it is important to go through various formalities and procedures. These procedures have legal, statutory and compliance related aspects to it and therefore are considered very important and vital. It is highly unlikely that any property ownership will be completed without the valuation of the property being done property. Property valuation one amongst the various processes that have to be gone through for smooth ownership transfer from the seller to the buyer. Though it is one of the many processes it is considered very important because of various reasons. Let us try and find out more about the same over the next few lines.

The biggest reason why valuation is so very important is because of the need for the buyers and sellers to have a clear idea about the fair market value of the property in question. While the market can give a reasonably accurate idea about the value, this is just a figure. This has to be authenticated and certified by a competent authority. It is here that the role of property valuers becomes extremely important. They play a big role not only in letting the stakeholders to have clear idea about the fair market value of the property but also go much beyond this.

If one looks at the reports of valuers in close quarters, you will find that it has many other aspects of information that are very useful. These are basically subjective in nature. They talk about the quality of infrastructure that is available in the neighborhood. They also share information about the quality of people who make up the neighborhood. A professional valuers’ report also makes a mention about the availability or otherwise of basic amenities and facilities. Hence, all these information certainly will go a long way in helping the customers (buyers in particular) to take an objective and informed decision whether to buy or not to buy the property in question.

Last but not the least, it would also be pertinent to mention here that valuers report also forms the basis for calculation of property taxes. It is also used for having a right fix on the stamp duty applicable for buying and selling of properties. Hence, taking all these factors into account there is not doubt that property valuation is a very important process that facilitates easy transfer of ownership from one particular entity to another.

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What Are The Services To Expect From A Property Valuer

BUYING_SURVEYORSBefore going into further details regarding the roles and responsibilities of property valuers it is important that we have some basic information about the need for valuers and appraisers in the first place. The main role of valuers is to assist both the buyers and sellers with the right information about the fair market value of the property in question. This is very important because it helps both the buyers and sellers to take a call on either buying or selling the property depending on the value reported. Though there is no doubt that the market does a balancing act as far as the accurate prices of real estate properties are concerned, it is important that the same is certified by a competent and experienced authority. There can be none better than valuers who can do it accurately and in right time.

Now coming to the various roles and responsibilities of real estate valuers, it does not end with the real estate valuation figures alone. There are quite a few other pieces of information that are also equally significant. For example, most of the professional valuers go beyond the obvious when it comes to valuation reports. They also give a reasonably exhaustive account   of the location in which the property is coming up or located. This information delves on the quality of infrastructure, the quality of people who make up the neighborhood and availability or absence of various amenities and facilities. Hence these aspects of qualitative information do help the customers to take an informed and correct decision as far as buying or selling the property is concerned.

Apart from the above a good valuer often is referred to as the one stop solution for all matters related to valuation. He takes responsibility for handling any type of valuation however complicated or complex it might be. Whether it is simple valuations or complicated backdated or retrospective valuations, good valuers should be in a position to deliver the reports that is expected of them. it would also be pertinent to point out here that valuers also play a big role in also valuing other movable and immovable properties such as hotels, plant and machineries, factories, offices, just to name a few.

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Important Professionals To Get In Touch When Buying And Selling A Real Estate Property

for_sale_board_newWhen you are buying or selling a real estate property you have to bear in mind that it is totally different when compared to other movable or immovable properties. There are a number of complicated and complex steps that have to be completed. All these steps have a legal angle to it and therefore utmost care and caution should be exercised. This is the reason why the entire process is outsourced by customers to third party service providers.

There are quite a few such service providers whose role is extremely important. However in this article we will look at the important functions of real estate lawyers and real estate appraisers or valuers. Both these professionals have very vital and crucial roles to play failing which it would be difficult to transfer ownerships from one entity to another.

Let us get started with the role of a property lawyer or attorney. He or she plays the most important role of verifying all the property documents from a legal standpoint. They ensure that the property in question is legally perfect and the owner has a total and undisputed ownership and control over it. This might look easy on paper but when it comes to finding out the same on the ground, there is no doubt that it is quite complex. The lawyers may have to pay repeated visits to the government revenue department to check on documents. They may also have to visit the property site and examine it closely. They will have to particularly pay attention to the lurking presence of easements and other covenants which could impede undisputed ownership of the property. They also help in drafting and preparing agreements for buying and selling or properties.

On the other hand the role of a property valuer is also extremely important. He is the one who has to be approached whenever there is a need to get the right picture about the fair market value of the property. Based on such valuation reports a lot of decisions are taken. The customers decide on buying the property while the authorities use the valuers’ report for fixing the property tax and also for calculating the stamp duty payable. They also provide valuable subjective inputs which are very useful to the customers.

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What Are The Roles And Responsibilities Of Property Valuers

IC151400Before we try and understand the roles of valuers, it would be not a bad idea to find out what exactly is valuation and why is it considered so very important. Whenever there is a need to buy or sell a property, there are quite a few important things that must be kept in mind. Apart from identifying the right buyer and seller, there could also be the need to identify sources of funding. These apart there are quite a few legally required processes and steps that have to be followed. One such process that is extremely important is valuation. It is a process that is usually the domain of experienced valuers. The main objective of valuation is to help the customers to have a correct idea about the fair market value of the property that is either being bought or sold. The valuation report submitted by the valuer has a number of uses to it including calculation of property tax, stamp duty, etc. Hence, there is a lot of responsibility resting on the shoulders of a good valuer. let us over the next few lines try and find out what are the roles and responsibilities of a property valuer.

The first and primary task of a valuer is to ensure that he gives a true and honest picture about the fair market value of the property that is either being bought or sold. For this to happen, there are quite a few important points that should be taken into account. A lot of important inputs are needed such as size of the property, its age, location and so on. Additionally when a valuer submits a valuation report he or she does no merely restrict himself or herself to the valuation report alone.

They are also responsible for a number of other important pieces of information. These include the infrastructure development in the area, the availability or otherwise of various amenities and facilities and also the quality of people who make up the neighborhood. This information certainly adds lot of value to the customers and they are able to take a decision whether to go in for the transaction or not. Additionally, a good valuer also does complex valuations, whether it is backdated or retrospective valuation or valuation for compensation claims raised by customers.

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